HDFC Bank turns volatile as board forms panel to find Aditya Puri's successor

HDFC Bank said it formed a six-member committee to find a successor to Aditya Puri, the current managing director of the bank, whose tenure ends on 26 October 2020.

The scrip was down 0.94% at Rs 1253.50. It traded in the range of Rs 1252.05 and Rs 1268.90 so far during the day.

The search committee, over the next few months, shall evaluate internal and external candidates to ensure smooth transition. Aditya Puri shall act as an advisor to the search committee.

Meanwhile, the bank's board approved appointment of Sashidhar Jagdishan and Bhavesh Zaveri as additional and executive directors on the board of the bank for three years from 28 November 2019.

HDFC Bank's net profit rose 26.8% to Rs 6,344.99 crore on 19.6% increase in total income to Rs 33,755 crore in Q2 September 2019 over Q2 September 2018.

On the technical front, the stock's RSI (relative strength index) stood at 50.71. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock trades above its 50-day and 200-day moving average (DMA) placed at Rs 1234.24 and Rs 1164.35 respectively.

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